Ex-SAC Trader Is Convicted of Insider Trading

[iandhr]

Source: NY Times

Michael S. Steinberg, the highest-ranking employee at SAC Capital Advisors to become ensnared in a sweeping insider trading investigation, was found guilty on Wednesday of trading on secrets gleaned from some of the nation’s largest technology companies.

The conviction deals the latest blow to SAC, the giant hedge run by the billionaire stock picker Steven A. Cohen. Coming on the heels of a record $1.2 billion deal SAC struck with prosecutors along with pleading guilty to insider trading charges – concluding a rare criminal case against a large corporation – Mr. Steinberg’s conviction further clouds the future of a hedge fund that was once the envy of Wall Street.

The conviction, which coincides with SAC’s effort to overhaul its image and change its name, might also embolden federal authorities at a turning point in the decade-long investigation. While an acquittal might have had a chilling effect on the investigation, Mr. Steinberg’s conviction instead raised the likelihood that Mr. Cohen, after avoiding criminal charges for years, would face another round of scrutiny.

Read more: http://dealbook.nytimes.com/2013/12/18/ex-sac-trader-is-convicted-of-insider-trading/?hp

[DJ13]

1. "Caught one!"

and they say we dont go after banksters!


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[iandhr]

2. Hedge funders aren't bankers.

People who invest with them their money isn't insured by the FDIC

[louis-t]

3. Anyone think he'll spend a day in prison?

Doubt it.

[Uben]

4. Sorry bastard

I wish they'd give him the death penalty. Something has to be done to reel in the fraud in the market and I don't think anything short of death sentence will do it.

[iandhr]

5. George Carlin on the subject

[Uben]

6. My hero!

George had it right.